You're welcome to make advanced payments on your Prodigy Finance loan without incurring any penalties.
- What is an advanced payment?
- Advanced payments made during Grace:
- Advanced payments made during Repayment:
What is an advanced payment?
Advanced payments are any payments made towards a loan that are 2 times or more times than your contractual monthly installment.
Advanced payments made during Grace:
If you'd like to make an advanced payment while you are still in your grace period, we will automatically re-amortize your loan upon entering into repayment. This will ensure that your loan is paid off in equal installments over the full repayment term of the loan.
Advanced payments made during Repayment:
If you'd like to make an advanced payment of anything 2 times or more than your contractual monthly installment, you will have the following options available to you:
1. Do nothing: This is the default option we’ll apply. This will push the loan status ‘ahead’ and therefore, allow you to defer your payment to a later date which will reflect on your next statement. However, if you wish to continue making monthly repayments to settle your loan sooner you're welcome to do so.
2. Loan re-amortization: This will place your loan status 'on-schedule' by reducing the monthly installment that is due each month across the remaining repayment term of your loan.
As your loan term remains unchanged, you’ll need to continue making monthly payments to ensure that your loan remains on schedule.
If you wish to have your loan re-amortized, please reach out to us at payments@prodigyfinance.com once you’ve received the payment confirmation email confirming that we have received your advanced payment.